In Praise of Entrepreneurialism

From the Nobel Prize winning Edmund Phelps:

Where there is more entrepreneurial activity--and thus more innovation, as well as all the financial and managerial activity it leads to-- there are more jobs to fill, and those added jobs are relatively engaging and fulfilling.

Phelps explores why continental Europe has lagged the United States in economic growth. Interestingly he argues that culture and values may have as much a role as institutions.